Production at Libya’s Sirte Oil at 61,000 bpd.

Catogory : Market Report

Oil production at Sirte Oil Co, a subsidiary of Libya’s state-owned National Oil Corp (NOC), now stands at 61,000 barrels per day (bpd), a senior official said

Mohamed Aoud said that Sirte hoped to raise production to 90,000 bpd but the company lacked some equipment needed to boost output.

Production had previously been at 44,000 bpd Aoud said, without saying when it had risen to current levels. Libya’s national production rose to above 1 million bpd last year.

“This production represents about 10 percent of the total capacity of the company, which seeks to reach maximum production rates as soon as possible,” the NOC said in a statement.

Libya is aiming to produce 1.25 million barrels per day (bpd) by the end of the year and 1.5 million bpd by the first quarter of 2018, the head of the National Oil Corporation (NOC) said.

Libya hopes to reach output of 2.1 million bpd in four or five years, the targets outlined by Sanallah are broadly in line with previously stated production goals.